Year

(in millions) 1 2 3 4 5
Prior Year Cash Flow $828 $927.36 $1,038.46 $1,163.28 $1,302.87
Growth Rate 12% 12% 12% 12% 12%
----------------------------------------------------------------------
Cash Flow $927.36 $1,038.64 $1,163.28 $1,302.87 $1,459.22
Discounted Factor 0.9174 0.8417 0.7722 0.7084 0.6499
Discounted Value per annum $850.76 $874.21 $898.27 $922.99 $948.39
----------------------------------------------------------------------
Sum of Present Value of Cash Flow $9,642.78

Residual Value:
Cash Flow in Year 10 $2,571.64
Growth Rate 5%
----------------------------------------------------------------------
Cash Flow in Year 11 $2,700.22
Capitalization Rate 4%
----------------------------------------------------------------------
Value at end of Year 10 $67,505.55
Discount factor at end of Year 10 0.4224

Present Value of Residual $28,514.34

Present Value of Company $38,157.12
 Year
6 7 8 9 10
$1,459.22 $1,643.33 $1,830.44 $2,050.10 $2,296.11
12% 12% 12% 12% 12%
--------------------------------------------------------
$1,634.33 $1,830.44 $2,050.10 $2,296.11 $2,571.64
0.5963 0.5470 0.5019 0.4604 0.4224
$974.49 $1,001.32 $1,028.87 $1,057.19 $1,086.29
--------------------------------------------------------
$9,642.78

$2,571.64
5%
--------------------------------------------------------
$2,700.22
4%
--------------------------------------------------------
$67,505.55
0.4224

$28,514.34
$38,157.12
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow $828 $927 $1,038 $1,163 $1,303
Growth Rate 12% 12% 12% 12% 12%
----------------------------------------------------------------------
Cash Flow $927 $1,039 $1,163 $1,303 $1,459
Discounted Factor 0.9174 0.8417 0.7722 0.7084 0.6499
Discounted Value per annum $851 $874 $898 $923 $948
----------------------------------------------------------------------
Sum of Present Value of Cash Flow $9,643

Residual Value:
Cash Flow in Year 10 $2,572
Growth Rate 5%
----------------------------------------------------------------------
Cash Flow in Year 11 $2,700.60
Capitalization Rate 4%
----------------------------------------------------------------------
Value at end of Year 10 $67,515.00
Discount factor at end of Year 10 0.4224

Present Value of Residual $28,518

Present Value of Company $38,161
 Year
6 7 8 9 10
$1,459 $1,643 $1,830 $2,050 $2,296
12% 12% 12% 12% 12%
--------------------------------------------------------
$1,634 $1,830 $2,050 $2,296 $2,572
0.5963 0.5470 0.5019 0.4604 0.4224
$974 $1,001 $1,029 $1,057 $1,086
--------------------------------------------------------
$9,643

$2,572
5%
--------------------------------------------------------
$2,700.60
4%
--------------------------------------------------------
$67,515.00
0.4224

$28,518
$38,161
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow $828 $927 $1,038 $1,163 $1,303
Growth Rate 10% 10% 10% 10% 10%
----------------------------------------------------------------------
Cash Flow $911 $1,002 $1,102 $1,212 $1,334
Discounted Factor 0.9174 0.8417 0.7722 0.7084 0.6499
Discounted Value per annum $836 $843 $851 $859 $867
----------------------------------------------------------------------
Sum of Present Value of Cash Flow $8,709

Residual Value:
Cash Flow in Year 10 $2,148
Growth Rate 5%
----------------------------------------------------------------------
Cash Flow in Year 11 $2,255
Capitalization Rate 4%
----------------------------------------------------------------------
Value at end of Year 10 $56,375.00
Discount factor at end of Year 10 0.4224

Present Value of Residual $23,813

Present Value of Company $32,522
 Year
6 7 8 9 10
$1,459 $1,643 $1,830 $2,050 $2,296
10% 10% 10% 10% 10%
--------------------------------------------------------
$1,467 $1,614 $1,775 $1,952 $2,148
0.5963 0.5470 0.5019 0.4604 0.4224
$875 $883 $891 $899 $907
--------------------------------------------------------
$8,709

$2,148
5%
--------------------------------------------------------
$2,255
4%
--------------------------------------------------------
$56,375.00
0.4224

$23,813
$32,522
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow ₱1,558 ₱1,005 ₱879 ₱2,146 ₱1,988
Growth Rate 5% 5% 5% 5% 5%
----------------------------------------------------------------------
Cash Flow ₱1,636 ₱1,718 ₱1,804 ₱1,894 ₱1,988
Discounted Factor 0.9091 0.8264 0.7513 0.6830 0.6209
Discounted Value per annum ₱1,487 ₱1,420 ₱1,355 ₱1,293 ₱1,235
----------------------------------------------------------------------
Sum of Present Value of Cash Flow ₱12,171

Residual Value:
Cash Flow in Year 10 ₱2,538
Growth Rate 2.0%
----------------------------------------------------------------------
Cash Flow in Year 11 ₱2,589
Capitalization Rate 5.0%
----------------------------------------------------------------------
Value at end of Year 10 ₱51,771
Discount factor at end of Year 10 0.3855

Present Value of Residual ₱19,960

Present Value of Company ₱32,131
 Year
6 7 8 9 10
₱3,244 ₱2,680 ₱1,601 ₱754 ₱1,263 ₱1,712
5% 5% 5% 5% 5%
--------------------------------------------------------
₱2,088 ₱2,192 ₱2,302 ₱2,417 ₱2,538
0.5645 0.5132 0.4665 0.4241 0.3855
₱1,179 ₱1,125 ₱1,074 ₱1,025 ₱978
--------------------------------------------------------
₱12,171

₱2,538
2.0%
--------------------------------------------------------
₱2,589
5.0%
--------------------------------------------------------
₱51,771
0.3855

₱19,960
₱32,131
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow 2,591 4,014 2,904 3,855 5,373
Growth Rate 3% 3% 3% 3% 3%
----------------------------------------------------------------------
Cash Flow ₱2,669 ₱2,749 ₱2,831 ₱2,916 ₱3,004
Discounted Factor 0.9091 0.8264 0.7513 0.6830 0.6209
Discounted Value per annum ₱2,426 ₱2,272 ₱2,127 ₱1,992 ₱1,865
----------------------------------------------------------------------
Sum of Present Value of Cash Flow ₱18,371

Residual Value:
Cash Flow in Year 10 ₱3,482
Growth Rate 3.0%
----------------------------------------------------------------------
Cash Flow in Year 11 ₱3,587
Capitalization Rate 7.0%
----------------------------------------------------------------------
Value at end of Year 10 ₱51,236
Discount factor at end of Year 10 0.3855

Present Value of Residual ₱19,754

Present Value of Company ₱38,125
 Year
6 7 8 9 10
6,253 1,834 3,229 3,452 3,973 37,478
3% 3% 3% 3% 3% 3747.8
--------------------------------------------------------
₱3,094 ₱3,187 ₱3,282 ₱3,381 ₱3,482
0.5645 0.5132 0.4665 0.4241 0.3855
₱1,746 ₱1,635 ₱1,531 ₱1,434 ₱1,342
--------------------------------------------------------
₱18,371

₱3,482
3.0%
--------------------------------------------------------
₱3,587
7.0%
--------------------------------------------------------
₱51,236
0.3855

₱19,754
₱38,125
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow 983 473 964 625 1,284
Growth Rate 3.5% 3.5% 3.5% 3.5% 3.5%
----------------------------------------------------------------------
Cash Flow ₱1,017 ₱1,053 ₱1,090 ₱1,128 ₱1,167
Discounted Factor 0.9091 0.8264 0.7513 0.6830 0.6209
Discounted Value per annum ₱925 ₱870 ₱819 ₱770 ₱725
----------------------------------------------------------------------
Sum of Present Value of Cash Flow ₱7,140

Residual Value:
Cash Flow in Year 10 ₱1,387
Growth Rate 2.0%
----------------------------------------------------------------------
Cash Flow in Year 11 ₱1,414
Capitalization Rate 5.5%
----------------------------------------------------------------------
Value at end of Year 10 ₱25,715
Discount factor at end of Year 10 0.3855

Present Value of Residual ₱9,914

Present Value of Company ₱17,054
 Year
6 7 8 9 10
1,038 920 -391 2,485 2,140
3.5% 3.5% 3.5% 3.5% 3.5%
--------------------------------------------------------
₱1,208 ₱1,251 ₱1,294 ₱1,340 ₱1,387
0.5645 0.5132 0.4665 0.4241 0.3855
₱682 ₱642 ₱604 ₱568 ₱535
--------------------------------------------------------
₱7,140

₱1,387
2.0%
--------------------------------------------------------
₱1,414
5.5%
--------------------------------------------------------
₱25,715
0.3855

₱9,914
₱17,054
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow 798 567 474 -825 361
Growth Rate 2.0% 2.0% 2.0% 2.0% 2.0%
----------------------------------------------------------------------
Cash Flow ₱814 ₱830 ₱847 ₱864 ₱881
Discounted Factor 0.9091 0.8264 0.7513 0.6830 0.6209
Discounted Value per annum ₱740 ₱686 ₱636 ₱590 ₱547
----------------------------------------------------------------------
Sum of Present Value of Cash Flow ₱5,393

Residual Value:
Cash Flow in Year 10 ₱973
Growth Rate 1.0%
----------------------------------------------------------------------
Cash Flow in Year 11 ₱982
Capitalization Rate 7.0%
----------------------------------------------------------------------
Value at end of Year 10 ₱14,036
Discount factor at end of Year 10 0.3855

Present Value of Residual ₱5,411

Present Value of Company ₱10,804
 Year
6 7 8 9 10
663 487 173 560 580
2.0% 2.0% 2.0% 2.0% 2.0%
--------------------------------------------------------
₱899 ₱917 ₱935 ₱954 ₱973
0.5645 0.5132 0.4665 0.4241 0.3855
₱507 ₱470 ₱436 ₱404 ₱375
--------------------------------------------------------
₱5,393

₱973
1.0%
--------------------------------------------------------
₱982
7.0%
--------------------------------------------------------
₱14,036
0.3855

₱5,411
₱10,804
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow 798 567 474 -825 361
Growth Rate 2.0% 2.0% 2.0% 2.0% 2.0%
----------------------------------------------------------------------
Cash Flow ₱814 ₱830 ₱847 ₱864 ₱881
Discounted Factor 0.9091 0.8264 0.7513 0.6830 0.6209
Discounted Value per annum ₱740 ₱686 ₱636 ₱590 ₱547
----------------------------------------------------------------------
Sum of Present Value of Cash Flow ₱5,393

Residual Value:
Cash Flow in Year 10 ₱973
Growth Rate 1.0%
----------------------------------------------------------------------
Cash Flow in Year 11 ₱982
Capitalization Rate 7.0%
----------------------------------------------------------------------
Value at end of Year 10 ₱14,036
Discount factor at end of Year 10 0.3855

Present Value of Residual ₱5,411

Present Value of Company ₱10,804
 Year
6 7 8 9 10
663 487 173 560 580
2.0% 2.0% 2.0% 2.0% 2.0%
--------------------------------------------------------
₱899 ₱917 ₱935 ₱954 ₱973
0.5645 0.5132 0.4665 0.4241 0.3855
₱507 ₱470 ₱436 ₱404 ₱375
--------------------------------------------------------
₱5,393

₱973
1.0%
--------------------------------------------------------
₱982
7.0%
--------------------------------------------------------
₱14,036
0.3855

₱5,411
₱10,804
 Year
(in millions) 1 2 3 4 5
Prior Year Cash Flow 12,285 11,175 16,617 16,825 15,409
Growth Rate 5.0% 5.0% 5.0% 5.0% 5.0%
-------------------------------------------------------------------
Cash Flow ₱12,899 ₱13,544 ₱14,221 ₱14,932 ₱15,679
Discounted Factor 0.9091 0.8264 0.7513 0.6830 0.6209
Discounted Value per annum ₱11,727 ₱11,194 ₱10,685 ₱10,199 ₱9,735
-------------------------------------------------------------------
Sum of Present Value of Cash Flow ₱95,968

Residual Value:
Cash Flow in Year 10 ₱20,011
Growth Rate 5.0%
-------------------------------------------------------------------
Cash Flow in Year 11 ₱21,012
Capitalization Rate 5.0%
-------------------------------------------------------------------
Value at end of Year 10 ₱420,230
Discount factor at end of Year 10 0.3855

Present Value of Residual ₱162,017

Present Value of Company ₱257,985
 Year
6 7 8 9 10
19,581 34,068 22,863 22,708 26,761
5.0% 5.0% 5.0% 5.0% 5.0%
-----------------------------------------------------
₱16,463 ₱17,286 ₱18,151 ₱19,058 ₱20,011
0.5645 0.5132 0.4665 0.4241 0.3855
₱9,293 ₱8,871 ₱8,467 ₱8,082 ₱7,715
-----------------------------------------------------
₱95,968

₱20,011
5.0%
-----------------------------------------------------
₱21,012
5.0%
-----------------------------------------------------
₱420,230
0.3855

₱162,017
₱257,985